Air Industries Group Achieves Notable Growth in Fiscal 2024
Air Industries Group (“Air Industries”) (NYSE American: AIRI), a prominent manufacturer of precision components and assemblies for major aerospace and defense contractors, has concluded its fiscal 2024 with impressive results. The company reported a substantial increase in preliminary sales, demonstrating a year-over-year growth of approximately 6.6%. This growth underscores the effectiveness of their strategic initiatives aimed at achieving operational excellence and sustained growth.
Business Performance Highlights
Sales Growth Across Various Segments
Fiscal 2024 was indeed a year characterized by solid business expansion for Air Industries. The Centers of Excellence within the company not only showed incredible dedication but also delivered meaningful contributions to the overall sales growth. Each facility is set to play a vital role in supporting Air Industries’ ambitions for continued prosperity in 2025 and beyond.
Complex Machining Sector (CMS)
Air Industries’ Complex Machining Sector, which includes the Air Industries Machining Corporation and Nassau Tool Works, achieved record-breaking bookings this year. This success is attributed to the firm’s renewed focus on both existing and new customers, along with stronger engagement in the Maintenance, Repair, and Overhaul (MRO) markets.
Sterling Engineering Company (SEC)
Moreover, Sterling Engineering Company has shown exceptional performance, experiencing a remarkable increase of 33% in year-end sales compared to 2023. Following a 20% growth from 2022 to 2023, these results reflect consistent upward momentum. Noteworthy is the recent $33 million contract awarded for components for the CH-53K helicopter, which is anticipated to significantly bolster production capabilities.
Record Bookings and Backlog
Achieving New Milestones in Business
Air Industries has not only achieved commendable sales figures but has also secured unprecedented levels of new business throughout 2024. This remarkable progress entails an increase of 15% in total bookings compared to the previous year, following a substantial 55% growth from 2022 to 2023.
The book-to-bill ratio has seen an improvement as well, recovering to 1.30x as of the end of 2024 — a notable increase from 1.20x at the end of 2023 and a significant rise from 0.75x in 2022. This upswing illustrates a robust pipeline brimming with new orders.
Company's Record Backlog Performance
Air Industries concluded 2024 with their highest backlog in history. Total backlog surged by $79 million, representing a 41% increase from 2023, culminating in over $270 million — significantly higher than the close of 2022.
In terms of the fully-funded backlog, there was an increase of $19.6 million, or 20%, boosting it to over $117 million at the close of 2024, which is 37% more than the previous year-end.
A Future Full of Potential
Chief Executive Officer Lou Melluzzo expressed pride in the company’s achievements, stating that fiscal 2024 fostered progress and established opportunities with a solid growth trajectory. The Long Island facility experienced its most successful booking year, while the Connecticut operation underwent remarkable transformations. With this backdrop, the company is well-positioned for explosive growth in 2025.
“Our strategies are crystal clear: we aim to compete for and secure long-term agreements that promote sustainable growth,” remarked Melluzzo. “We are committed to delivering high-quality, reliable products that fulfill our defense customers’ needs, ensuring mission success.”
About Air Industries Group
Air Industries Group stands as a reliable partner for the aerospace and defense sectors, providing precision-engineered components and assemblies tailored for critical applications. With an extensive history of experience, the company remains devoted to supporting defense initiatives in the U.S. and globally.
Frequently Asked Questions
What financial results did Air Industries report for fiscal 2024?
Air Industries reported a preliminary sales growth of approximately 6.6% year-over-year with record bookings.
What sectors contributed to Air Industries' growth?
The Complex Machining Sector and Sterling Engineering Company both showed significant growth, with the latter achieving a 33% increase in sales.
How has the company's backlog changed over the past year?
Air Industries closed 2024 with its highest backlog ever, growing by $79 million, or 41%, reaching over $270 million.
What is Air Industries' future vision?
The company aims to secure long-term agreements to ensure sustainable growth, focusing on reliable, high-quality products.
How does Air Industries support defense initiatives?
With decades of experience, Air Industries Group produces precision-engineered components for mission-critical applications, supporting U.S. military and global defense efforts.
